Headed up by CEO Rony Abovitz, nobody is 100% sure of exactly what Magic Leap Inc. is or does. All we do know is that Google along with some heavy hitting investors seem to really want them...for about $500 million big ones! This on top of the $50 million Magic Leap had raised earlier this year.

Marketed as "Cinema Reality", our bets are that this is an augmented reality product. How good or how special remains to be seen. Linked is a 2011 preview of ideas they've been showing around.

According to Recode, Magic Leap says they can deliver a more realistic 3D experience than the kind offered by current technologies like the Oculus Rift (er...DK1, DK2...Crescent Bay?). While completely plausible, we'd really like to see this in action. $500 million is a big bet, indeed!